ESPG AG: Tenant mix adjustments lead to temporary increase in vacancy rate – new leases strengthen strategic positioning

ESPG AG: Tenant mix adjustments lead to temporary increase in vacancy rate – new leases strengthen strategic positioning 

• Vacancy rate may temporarily rise to more than 30% due to expired leases with SAP and Nokia
• Targeted diversification of tenant mix towards future-oriented sectors such as technology, education and healthcare
• Three new leases covering 4,400 m² signed in the first half of 2025
• Focus on research, education and skilled trades – including Nichia Corporation and Meknes
• Strategic objective: creation of thematic clusters with high-quality, long-term stable tenant structures
• Positive outlook for the second half of 2025 – further growth impulses expected, focus on portfolio development and LTV optimisation

Cologne, 14 August 2025 – European Science Park Group (ESPG), a real estate company specialising in science parks, reports on a challenging market environment in the first half of 2025. Adjustments in the tenant mix – including the expiry of existing leases – are leading to a temporary increase in vacancies. At the same time, the company has achieved several letting successes with future-oriented companies that enhance the content and structure of the portfolio and actively drive the transformation of its sites.

Changes in existing tenants lead to temporary increase in vacancies
On 31 August 2025, the lease with SAP , covering approximately 7,580 square metres of space, will come to an end. In addition, Nokia has exercised a contractually agreed termination option at the SCIENCE CITY Ulm property. As a result of these developments, ESPG expects the portfolio vacancy rate to temporarily rise to over 30% in the second half of 2025.

“The adjustments in the tenant mix reflect the ongoing changes in user requirements, current market conditions and the after-effects of the company’s recent history,” says Ralf Nöcker, Member of the Management Board of ESPG AG. “We see this as an opportunity to align our properties even more closely with tenants from future-oriented sectors. By focusing on technology-driven, education-related and healthcare-related user groups, we not only strengthen the content quality of our portfolio but also create long-term stable tenant structures. Our locations are increasingly developing into thematic clusters where companies benefit from each other – for example through direct exchange, joint research initiatives or proximity to universities.”

New leases set strategic accents
Despite the temporary increase in vacancies, ESPG was able to record several significant letting successes in the first half of the year:

• Nichia Corporation, a global leader in LED technology, is expanding its space in Science Park BlueCircle in Würselen to 1,752 square metres. Investments of over EUR 500,000 in research, prototype development and infrastructure are planned.
• The international nursing school Meknes is leasing 1,006 square metres to establish a nursing school, also in Science Park BlueCircle. This will specifically strengthen the site in the area of training and education.
• In Science Park North43 in Cologne, Emil Koch Elektrotechnik, a long-established electrical engineering company, has secured 1,606 square metres. This is the first substantial new letting in this property since its strategic repositioning.

The lease agreements with companies from the lighting technology, nursing education and electrical engineering sectors strengthen ESPG’s profile as a location provider for practice-oriented innovation.

Financials: positive outlook
ESPG will publish its full fiscal year 2024 figures in the coming weeks. Preliminary figures indicate a significant strengthening of pro-forma economic equity capital to over EUR 80 million, as of 31 December 2024 which is expected to result in a forecast loan-to-value (LTV) ratio of approximately 58%, compared to a significantly higher leverage ratio as of 30 June 2024.

“The positive market response and the recent lease agreements show that our strategy is delivering results even in a challenging environment. We are currently in talks to conclude further leases for more than 5,100 square metres of space,” says Markus Drews, Member of the Management Board of ESPG AG. “For the second half of 2025, we expect significantly stronger letting momentum – with further potential for targeted growth impulses within the portfolio.”

About ESPG
The European Science Park Group (ESPG) is a real estate company specialising in science parks. The company focuses on the development of science parks, predominantly characterised by tenants from future-oriented sectors such as life sciences, green technologies or digital transformation, which benefit from their proximity to each other and their direct proximity to universities, hospitals or researchPress release locations. ESPG's portfolio already comprises 16 science parks across Europe with a total area of 126,000 square metres. The sites are generally located outside metropolises, in areas that are considered science clusters or have a high concentration of innovative companies.

Press contact
Jan Hutterer
T +49 40 60 91 86 83
M +49 172 3462831
espg@kirchhoff.de